"Saving money? You’ve got to be kidding! I’d be doing well to keep up with my bills, never mind having anything left over to put away."
I hear this refrain from many clients with attention deficit disorder (ADHD) when I suggest that they need to think about saving money for their child’s college tuition, their own retirement, or an emergency, like a transmission for the car or a new roof for the house.
Most U.S. households have trouble putting money away — statistics show that Americans, on average, save only 1 to 2 percent of their family income — and those with ADD have an even harder time saving for their future. It’s difficult to resist impulse buys (“I’ve got to have that new cell phone”); to recall what you’ve spent (“I forgot about the fall clothing expenses when I decided to buy that new flat screen”); to plan and shop with an eye toward saving (“I’m lucky to get all my groceries for the week, much less worry about how much I might save on bananas or toilet paper”).
Your ability to save is, of course, tied to how deeply you’re in debt. So before I set you up with a successful savings program, here’s a plan to get you out of debt and to spend less.
This article comes from the Spring 2009 issue of ADDitude.
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